What Can I Do With My HSA Money?

If you have a Health Savings Account (HSA), you may be wondering what you can do with the money in it. An HSA is a tax-advantaged account that allows individuals to save and pay for qualified medical expenses. Here are some ways you can use your HSA funds:

• Pay for medical expenses: You can use your HSA funds to pay for a wide range of medical expenses, including doctor visits, prescriptions, and deductibles.
• Save for the future: If you don't have many medical expenses now, you can save your HSA funds for future healthcare costs, even into retirement.
• Invest your funds: Some HSA providers allow you to invest your funds, potentially allowing them to grow over time.
• Use for non-medical expenses: After age 65, you can use HSA funds for non-medical expenses without penalty, though you will owe taxes.

Your Health Savings Account (HSA) is a powerful tool that can help alleviate many of your medical expenses. With your HSA, you can cover costs such as copayments, dental procedures, and vision care—all of which can put a dent in your wallet!